NEOGEN CORP
For the period ended May 31, 2026. Filed Jul 30, 2026.
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FY2026 · Filed Jul 30, 2026
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5. Leases
- Leases
We lease various manufacturing, laboratory, warehousing and distribution facilities, administrative and sales offices, equipment and vehicles under operating and finance leases.
Supplemental balance sheet information related to operating and finance leases was as follows:
| Year Ended May 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Rights of use - non-current assets | $16.6 | $17.2 |
| Lease liabilities - other current liabilities | $4.7 | $5.6 |
| Lease liabilities - non-current liabilities | $13.6 | $12.9 |
| Property and equipment | $— | $2.4 |
| Current portion of finance lease | $— | $2.4 |
The weighted average remaining lease term and weighted average discount rate were as follows:
| Year Ended May 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Operating Leases | ||
| Weighted average remaining lease term | 6.3 years | 6.5 years |
| Weighted average discount rate | 6.7% | 6.0% |
| Financing Lease | ||
| Weighted average remaining lease term | — | 0.3 years |
| Weighted average discount rate | — | 6.1% |
Operating lease expenses are classified as cost of revenues or operating expenses on the consolidated statements of operations. The components of lease expense were as follows:
| Year Ended May 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Operating leases | $5.6 | $6.2 |
| Short term leases | 0.6 | 0.7 |
| Financing lease expense: | ||
| Amortization of asset | 0.1 | 0.3 |
| Interest on lease liability | — | — |
| Total lease expense | $6.3 | $7.2 |
Supplemental cash flow information is as follows:
| Year Ended May 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows for operating leases | $6.5 | $5.7 | $4.7 |
| Operating cash flows for finance leases | $— | $— | $— |
| Financing cash flows for finance leases | $0.1 | $0.3 | $0.2 |
| ROU assets obtained in exchange for lease obligations: | |||
| Operating leases | $5.9 | $7.1 | $5.6 |
| Finance leases | $— | $— | 2.6 |
Future lease payments as of May 31, 2026 are as follows:
| Operating | |
|---|---|
| Years ending May 31, 2026 | Leases |
| 2027 | $6.4 |
| 2028 | 4.7 |
| 2029 | 2.8 |
| 2030 | 1.9 |
| 2031 | 1.3 |
| 2032 and thereafter | 7.3 |
| Total lease payments | $24.4 |
| Less: imputed interest (1) | (5.4) |
| Total lease liabilities (1) | $19.0 |
(1 ) Includes leases that were reclassified as held for sale as of May 31, 2026.
As of May 31, 2026, the Company had additional leases, primarily for real estate and equipment that have not yet commenced with undiscounted lease payments of approximately $1.8 million. The leases are expected to commence in the first half of fiscal year 2027 with lease terms up toseven years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.